UTEN vs. ^TNX
UTEN (US Treasury 10 Year Note ETF) is Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 3 years, UTEN returned 2.25%/yr vs 5.41%/yr for ^TNX. Their -0.96 correlation means they have often moved in opposite directions in the past.
Performance
UTEN vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, UTEN achieves a -1.78% return, which is significantly lower than ^TNX's 13.98% return.
UTEN
- 1D
- -0.39%
- 1M
- -1.62%
- 6M
- -1.54%
- YTD
- -1.78%
- 1Y
- 0.41%
- 3Y*
- 2.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.24%
^TNX
- 1D
- 1.76%
- 1M
- 5.80%
- 6M
- 11.88%
- YTD
- 13.98%
- 1Y
- 12.44%
- 3Y*
- 5.41%
- 5Y*
- 30.81%
- 10Y*
- 11.93%
- ALL TIME*
- -0.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.53M | $2.37M | $1.86M |
UTEN vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -1.78% | 7.82% | -1.67% | 3.18% | -7.81% |
^TNX Cboe 10-Year Treasury Note Yield Index | 13.98% | -8.97% | 18.29% | -0.34% | 40.29% |
Correlation
The correlation between UTEN and ^TNX is -0.94, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.94 |
Correlation (3Y) Balances recent behavior with more history. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.96 |
The correlation between UTEN and ^TNX has been stable across timeframes, ranging from -0.96 to -0.94 - a consistent structural relationship.
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Return for Risk
UTEN vs. ^TNX — Risk / Return Rank
UTEN
^TNX
UTEN vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) and Cboe 10-Year Treasury Note Yield Index (^TNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UTEN | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.11 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 0.99 | -0.64 |
| Martin ratioReturn relative to average drawdown | 0.84 | 2.04 | -1.20 |
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Drawdowns
UTEN vs. ^TNX - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for UTEN and ^TNX.
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Drawdown Indicators
| UTEN | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -96.85% | +83.49% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -8.94% | +4.37% |
Max Drawdown (3Y)Largest decline over 3 years | -7.72% | -27.41% | +19.69% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -84.57% | — |
Current DrawdownCurrent decline from peak | -4.11% | -70.04% | +65.93% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -55.04% | +50.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 4.64% | -2.72% |
Volatility
UTEN vs. ^TNX - Volatility Comparison
The current volatility for US Treasury 10 Year Note ETF (UTEN) is 1.29%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 3.64%. This indicates that UTEN experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTEN | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 3.64% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 11.05% | -7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 14.89% | -9.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.96% | 31.23% | -23.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 47.62% | -39.66% |
Frequently Asked Questions
UTEN and ^TNX have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (3.64%) compared to UTEN (1.29%). In terms of maximum drawdown, UTEN dropped -13.36% vs ^TNX's -96.85%.
^TNX currently has the higher Sharpe Ratio (0.60 vs 0.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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